I'm surprised no one has posted the fact that most BofA reps are being kicked out of there offices and being placed in ML offices this October. As a former BAI rep all I can say is holly $hit did I get out of there in time. I remember last year they where telling us that we would be staying in our banking centers. They also said don't worry it will be ok. My gut told me different and the writing was on the wall. I'm curious if any other BAI reps are getting the boot? Thanks and I wish you all good luck.
Everything they told us were lies!!! They are moving the BAI guys into Merrill offices in my old region. I am very happy I got out. They are the worst.
I got out too....just in time. It has been nothing but lies from the beginnning.
I have a few BAI guys that in for a rude awakening when the move over to Merrill. Can't wait for the culture shock stories.
for BAI reps, moving to a Merril office should be a step up. I don't see why someone would complain about this
I was told that all decent producing BAI reps will move to ML, and replaced in branches by people who will direct investors to ML(referral service, name and contact info)
wow thats intersting...i can see top producing BAI Reps going to ML offices --as this would serve as a quasi hub. they will probably give the boot to anyone doing less than $300k in branches.
It has nothing to do with production in my old hub. There are big and little producers both going to a ML offices. They better bring some umbrellas for when the ML management $hits on them cause they are bank FA's. The funny thing is their are FA's who left ML and came to the firm I am currently working for. I guess both sides saw the writing on the wall........
As far as the lies, man there may be all kind of law suits or talk of them. The howl time they where telling us don't worry the BAI management was trying to figure out how to save there own asses. At the end of the day it's just another story for the history books.
RIP BAI I had fun while it lasted...
Why would you be unhappy about being a ML broker?
Mr. client they've given me a promotion as a ML broker. I look forward to working with you with the best tools in the business (I know, but the client doesn't before the major flaming starts)
Mr. client I'm moving from ML to work at a bank branch with BOA ... you bank where? uhhh ummm well we can still work together! We can do great things!
Sounds like the best deal you all could have happen. Oh yeah, the finding your own leads thing, bummer. Be the little Red Train.
hmmmm.... BAI guys entering the Alpha dog environment from the pencil tapping bank branch? They will soon realize they are not in Kansas anymore.
So pardon my ignorance on the topic but what is BAC's plan when it comes to investable assets within the branch?
Figure one Merrill branch in a community of a few hundred thousand and 5 BAC branches - rough estimate.
Are the bank clients now completely without access to an Advisor within the branch? How does this benefit BAC branch channel, their customers, the advisor?
All eligible clients(I think $100K or more) are going to straight to ML as a lead.
All that is known is who will be moved, when they will be moved to and what ML office it will be In October.
On the referral speculation- Good luck. BofA bank employees are not the sharpest tools in the shed. Why would they go from referring to someone they know personally to sending it to a 1-800. Even if it is made part of there goals. You have to remember these 30k a year salaried employees are constantly pounded on about opening checking, savings accounts and CD's. Adding investments will go to the bottom of the pile.
Oh and if they hit there goals they will probably get a WHOPPING $500 per quarter. Yiiiiiipy
-Old and Tired Alpha dogs? You meant so say Poodles rite? Everyone knows ML FA's bitch and moan about any little thing. Especially when a FA leaves the firm and their book is distributed. Just google all the class action law suits on that topic alone. But hey way to go on not making ML FA's look like jerk off's. Bravo!
I still can't believe that Ken Lewis thought this would be a good idea. I can't think of two more different cultures (other than maybe...EDJ and MER).
So anything over 100k is referred to ML automatically. Is the referral dispersed by the ML BOM? What is the criteria that decides which FA gets the referral? Say you have 25+ FA's in a ML branch. That might be like hyennas fighting over a kill. Sounds troublesome and not a good idea. Really what are the details on how this will work?
i wouldnt worry too much about the branch referrals. the majority of them suck a$$. and yes bankers ONLY care about hitting their numbers, so unless they are paid for referring to merrill guys very few leads will ever be sent any brokers.
and yes bankers ONLY care about hitting their numbers,
whose numbers should they care about, whiner?
I think it is the other way around. Lewis is putting the Bankers in the Broker branch to get rid of them and train the ML brokers how they should be and start molding those merril guys into BAC guys. 2 years from now they are on salary and bonus for assets paid Bi-weekly. WFC is right behind them. Bankers for the most part want assets not people. So move the bank broker to Merrill, he will fail and the assets will stay. Mission accomplished.
Redpen is dead on. Bank brokers forced to move to a full service brokerage office are done. They will have to learn and become successful with a completely different business model. Key in that model is the prospect generation process. Successful advisors at full service firms are experts with this process. The bank guys will have a serious learning curve to master. And they will have to do so quickly.
Then there is the politics, which is a challenge even for vets. The bank guys will be looked down upon. As FNGs forced upon the branch they will get the butt end in every way. If BOMs have input into referral lead distribution these guys can measure their life in months. Make no mistake, they will be welcomed with open arms. After-all, Hannibal Lecter was always gracious host!
Really?!!! Do you seriously think that all bank brokers were born and raised that way? Has it even occurred to you that most have come from Morgan, S/B, UBS, E/J, C/S even........ML?!! I wouldn't be so quick to discount BAI brokers......ML is now owned by a bank after all.